November 20, 2015

Norms relaxed as only 400 gm gold deposited

In the fortnight since the scheme was launched, only 400 gm gold has been deposited and with only one bank, as no other bank had tripartite agreements with hallmarking centres and gold refiners. Now, the finance ministry and the Bureau of Indian Standards (BIS) are simplifying the administration of the scheme to get it moving.

In contrast, the response to gold bonds and coins has been much better. A government source said retail investors had applied for Rs 100 crore worth of bonds and 6,000 gold coins had been sold.

The gold monetisation scheme, bonds and coins were launched on November 5 by Prime Minister Narendra Modi, to reduce bullion imports and mobilise 22,000 tonnes of idle gold in the country.

Read more at http://www.business-standard.com/article/economy-policy/norms-relaxed-as-only-400-gm-gold-deposited-115111900849_1.html

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